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How to Get a Raise in a Recession

Watch more Raises & Career Advancement videos: Subscribe to Howcast's YouTube Channel - Learn how to get a raise in a recession -- really! Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Know your company's financial health Know your company's financial health. If it's robust, the recession should have no bearing on whether or not you should get an increase. Step 2: Ask for a promotion If your company has instituted a salary freeze, see if you can justify asking for a promotion; they are often exempt from the no-raises policy. Step 3: Time it Ask for a raise right after you've done something valuable. If you wait for your review period, the glow of your triumph may have faded. Step 4: Justify it Explain exactly why you deserve more money. That's often easy to do during a recession, when layoffs mean that employees who were retained have taken on the work of those who were let go. Tip Keep a written record of all your achievements so you can build a good case when it comes time to ask for a salary increase. Step 5: Be nice Ask with confidence, but ask nicely. Come across as enthusiastic about the company, not resentful. Step 6: Ask for a consolation prize If more money is completely out of the question, ask for some other kind of compensation, like more vacation time, stock options, or the ability to work from home. Or consider asking for a better title; it could help you land a higher-paying job when the economy recovers. Did You Know? Wednesday is the best day to ask for a raise, according to one survey of managers.
Length: 01:44


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